Arthur Hayes: Why Bitcoin Isn’t in a Bull Run Yet

About this episode

Arthur Hayes discusses the macroeconomic factors affecting Bitcoin's price and why he believes it is not in a bull run yet.

Arthur Hayes breaks down his macro framework for Bitcoin in this conversation with David Sencil at Bitcoin 2026 in Las Vegas. Key topics: - Why Bitcoin tracks global fiat liquidity - Why this isn’t a true bull run yet - The $145K level that matters - AI as a potential credit shock - How money printing and bank credit drive marketsHayes argues that Bitcoin’s price is ultimately tied to the expansion of fiat in the global system, not institutional narratives or short-term sentiment. Chapters : 00:00 The Future of Crypto and Retail Involvement 03:02 Oil Markets and Economic Implications 05:52 Bitcoin's Performance and Economic Indicators 09:11 AI's Impact on the Economy 11:59 Liquidity and Monetary Policy 15:06 The Role of Stablecoins in Global Finance 18:00 The State of DeFi and Security Concerns 20:55 Market Sentiment and Future Predictions Arthur Hayes IG - https://www.instagram.com/cryptohayes/LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/Substack - https://cryptohayes.substack.com/Web: https://www.cryptohayes.comX - https://x.com/cryptohayesMaelstrom Fund LinkedIn: https://www.linkedin.com/company/maelstromfundWeb - https://www.maelstrom.fundX…

People in this episode

Host: David Sencil

Guest: Arthur Hayes

Topics covered

• Bitcoin macro framework
• global fiat liquidity
• bull run analysis
• AI and credit shock
• money printing
• bank credit
• market predictions

Keywords

• Bitcoin
• macro framework
• fiat liquidity
• bull run
• AI impact
• money printing
• bank credit
• market analysis

Mentioned in this episode

Organizations: Bitcoin.com

Places: Las Vegas

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